Anthem Blue Cross Blue Shield Health Insurance

HSA Contributions

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Who can contribute to an HSA?
Contributions to an HSA for an eligible individual can be made by either the employer or the individual, or both. Contributions made by an individual can be made on a pre-tax basis through the individual’s employer, or can be claimed as an “above-the-line” deduction from income at the end of the year. If a contribution is made by the employer, it is not taxable to the employee (excluded from income). Contributions can also be made by others on behalf of an eligible individual and deducted by the eligible individual. All contributions are aggregated and subject to limitations. 
How much can I contribute to an HSA? 
The maximum contribution for 2007 is $2,850 for individuals or $5,650 for family coverage. These dollar limits will be adjusted for inflation each year and are based on a full year of participation in an HDHP. 
Do contribution limits include both employer and employee contributions or can both parties contribute up to the limit separately?
Individual contribution limits are based on all contributions to the HSA from all sources combined. 
Are “catch-up” contributions allowed?
Yes. For eligible individuals age 55 and older, additional “catch-up” contributions to HSAs are allowed as follows: 
2007 - $800
2008 - $900
2009 and after - $1,000
 
(The above amounts are pro-rated for periods of eligibility of less than a calendar year.) 
Can individuals make their entire contribution to the HSA at the beginning of the year?
Individuals can contribute their entire contribution at the beginning of the year, up to the applicable contribution limit. They might, however, have to make a corrective distribution later in the year if the individual's eligibility status changes during the year. (e.g., become covered under another plan, HDHP coverage ends, change from family coverage to single coverage status, etc.). 
When must HSA contributions stop?
HSA contributions must stop once an individual is entitled to Medicare benefits (generally age 65) or is no longer an eligible individual. However, if an individual reaches age 65 but does not enroll in Medicare, he or she may continue making contributions through the month that he or she enrolls in Medicare. 
 
The above information does not constitute legal, tax or other benefit plan design advice. Anthem strongly encourages consultation with a tax advisor before establishing a Health Savings Account. Any Health Savings Account will be established between the individual account holder and the HSA custodian or trustee. Anthem is responsible for the administration of the health plan, and the custodian is responsible for the administration of the HSA.  
 
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Anthem Blue Cross and Blue Shield is the trade name of: In Colorado Rocky Mountain Hospital and Medical Service, Inc. HMO products underwritten by HMO Colorado, Inc. In Connecticut: Anthem Health Plans, Inc. In Indiana: Anthem Insurance Companies, Inc. In Kentucky: Anthem Health Plans of Kentucky, Inc. In Maine: Anthem Health Plans of Maine, Inc. In Missouri (excluding 30 counties in the Kansas City area): RightCHOICE® Managed Care, Inc. (RIT), Healthy Alliance® Life Insurance Company (HALIC), and HMO Missouri, Inc. RIT and certain affiliates administer non-HMO benefits underwritten by HALIC and HMO benefits underwritten by HMO Missouri, Inc. RIT and certain affiliates only provide administrative services for self-funded plans and do not underwrite benefits. In Nevada: Rocky Mountain Hospital and Medical Service, Inc. HMO products underwritten by HMO Colorado, Inc., dba HMO Nevada. In New Hampshire: Anthem Health Plans of New Hampshire, Inc. In Ohio: Community Insurance Com pany. In Virginia: Anthem Health Plans of Virginia, Inc. trades as Anthem Blue Cross and Blue Shield in Virginia, and its service area is all of Virginia except for the City of Fairfax, the Town of Vienna, and the area east of State Route 123. In Wisconsin: Blue Cross Blue Shield of Wisconsin ("BCBSWi"), which underwrites or administers the PPO and indemnity policies; Compcare Health Services Insurance Corporation ("Compcare"), which underwrites or administers the HMO policies; and Compcare and BCBSWi collectively, which underwrite or administer the POS policies. Independent licensees of the Blue Cross and Blue Shield Association. ® ANTHEM is a registered trademark of Anthem Insurance Companies, Inc. The Blue Cross and Blue Shield names and symbols are registered marks of the Blue Cross and Blue Shield Association. Use of the Anthem Web sites constitutes your agreement with our Terms of Use